27 January
2025
Vela Technologies
plc
("Vela" or "the
Company")
Quarterly Investment
Update
The Board of Vela (AIM:VELA), an
AIM-quoted investing company focused on early-stage and pre-IPO
disruptive technology investments, today announces an investment
update for the quarter ended 31 December
2024.
Key numbers as at 31 December
2024
·
The value of Vela's total assets (including cash)
decreased by £385,000 during the quarter to £2,670,000 from
£3,055,000 (quarter to 30 September 2024 - an increase of
£251,000).
·
The fair value of the investment portfolio
(excluding cash) at 31 December 2024 was £2,623,000 (30 September
2024 - £2,952,000).
·
During the quarter, a loss of £10,000 was realised
on sales of investments and there was a net unrealised loss of
£276,000 on the remaining listed investments.
·
During the quarter, Vela subscribed £50,000 for a
convertible loan note in Igraine PLC (the first tranche of the
minimum £200,000 commitment announced on 21 October
2024).
·
Vela's cash balance stood at £47,000 (30 September
2024 - £103,000).
Comment
James Normand, Executive Director,
commented: "Any evidence of a more favourable future for
the small-cap public markets remains hidden. Vela's Board is
pursuing the course of action referenced in the last quarterly
report; that is to take opportunities to realise a proportion of
its existing investment portfolio, where it can do so without
crystallising material losses, with the intention of recycling the
proceeds into investment opportunities that offer the prospect of
more favourable returns."
Changes in the investment
portfolio during the quarter
The following table sets out the
changes in the investment portfolio during the quarter ended 31
December 2024:
|
|
Holdings at
30 September
2024
|
Quarter to 31 December
2024
|
Holdings at 31 December
2024
|
|
|
Fair value
(£)
|
Sales
|
Acquisitions
|
Unrealised profit
(loss)
|
No. of
shares
|
% of equity
|
Fair value
(£)
|
|
|
Proceeds
|
Profit
(loss)
|
|
Shares
|
|
|
|
|
|
|
|
|
|
Listed in the
UK
|
|
|
|
|
|
|
|
|
|
On
the main market
|
|
|
|
|
|
|
|
|
|
R8 Capital Investments
plc
|
14,000
|
-
|
-
|
-
|
-
|
620,581
|
<
1
|
14,000
|
|
On
AIM
|
|
|
|
|
|
|
|
|
|
Northcoders Group plc
|
695,000
|
-
|
-
|
-
|
(61,000)
|
347,499
|
4.3
|
634,000
|
|
EnSilica plc
|
342,000
|
21,000
|
(6,000)
|
-
|
(68,000)
|
566,707
|
<
1
|
247,000
|
|
Skillcast Group plc
|
268,000
|
-
|
-
|
-
|
(26,000)
|
575,676
|
<
1
|
242,000
|
|
Finseta plc
|
150,000
|
72,000
|
(4,000)
|
-
|
(5,000)
|
200,000
|
<
1
|
69,000
|
|
Tribe Technology PLC
|
139,000
|
-
|
-
|
-
|
(116,000)
|
3,125,000
|
1.3
|
23,000
|
|
Ethernity Networks Ltd
|
1,000
|
-
|
-
|
-
|
(1,000)
|
350,000
|
<
1
|
-
|
|
On
AQSE
|
|
|
|
|
|
|
|
|
|
TruSpine Technologies plc
|
51,000
|
-
|
-
|
-
|
12,000
|
6,000,000
|
3.9
|
63,000
|
|
Igraine PLC
|
60,000
|
-
|
-
|
-
|
30,000
|
23,928,080
|
27.7
|
90,000
|
|
Global Connectivity plc
|
15,000
|
-
|
-
|
-
|
(8,000)
|
1,200,000
|
<
1
|
7,000
|
|
|
1,735,000
|
93,000
|
(10,000)
|
-
|
(243,000)
|
|
|
1,389,000
|
|
Listed
overseas
|
|
|
|
|
|
|
|
|
|
On
NASDAQ
|
|
|
|
|
|
|
|
|
|
Conduit Pharmaceuticals
Inc
|
89,000
|
-
|
-
|
-
|
(33,000)
|
1,005,760
|
1.0
|
56,000
|
|
|
|
|
|
|
|
|
|
|
|
Unlisted
|
|
|
|
|
|
|
|
|
|
Community Social
Investment Limited
(formerly WeShop Limited)
|
427,000
|
-
|
-
|
-
|
-
|
71,429
|
<
1
|
427,000
|
|
Aeristech Limited
|
401,000
|
-
|
-
|
-
|
-
|
145,833
|
1.0
|
401,000
|
|
|
828,000
|
|
|
|
|
|
|
828,000
|
|
|
|
|
|
|
|
|
|
|
|
Convertible loan
stock
|
|
|
|
|
|
|
|
|
|
Igraine PLC
|
|
|
|
50,000
|
-
|
-
|
-
|
50,000
|
|
Hamak Gold Limited
|
300,000
|
-
|
-
|
-
|
-
|
-
|
-
|
300,000
|
|
|
300,000
|
|
|
50,000
|
|
|
|
350,000
|
|
|
|
|
|
|
|
|
|
|
|
Total investments
|
2,952,000
|
93,000
|
(10,000)
|
50,000
|
(276,000)
|
|
|
2,623,000
|
|
Cash
|
103,000
|
|
|
|
|
|
|
47,000
|
|
Total assets
|
3,055,000
|
|
|
|
|
|
|
2,670,000
|
|
|
|
|
|
|
|
|
|
|
|
Net
assets per share (pence)
|
0.0161
|
|
|
|
|
|
|
0.0141
|
The figures contained within this quarterly investment update
are taken from unaudited management information.
Investments traded on a recognised stock market are valued
using the accounting policies outlined in the notes to the annual
financial statements. Unlisted investments and other financial
assets are stated at the values attributed to them in the audited
balance sheet as at 31 March 2024, unless there has been a
transaction since that date which suggests a materially different
valuation.
Key developments in principal
investee companies since the last report (announced by Vela on 28
November 2024)
EnSilica Plc ("EnSilica")
At its AGM on 28 November 2024
EnSilica's chairman reported that the company continued to generate
strong contract momentum and that he expected EnSilica to continue
to trade in line with consensus market expectations for the year
ending 31 May 2025. On 6 December 2024 EnSilica announced the
signing of a contract that it expected to generate income of US$30
million over 10 years.
Skillcast Group plc ("Skillcast")
In a trading update announced on 23
January 2025, Skillcast reported unaudited figures for 2024 which
showed an 18% increase in revenue (to £13.3 million), EBITDA of c.
£0.5 million and a net cash position at the year-end of £9.1
million. The company states that it expects continued growth in
annual recurring revenue and EBITDA margins in 2025.
Tribe Technology PLC ("Tribe")
On 19 December 2024 Tribe announced
that, in order to secure the funding required to finance the
working capital consequences of additional software development and
testing, it would be proposing to shareholders the cancellation of
the company's AIM listing. Later in December, Tribe announced that
Charlie King, its founder and CEO, had stepped down from the Board
with immediate effect.
Tribe's shares were suspended from
trading on AIM on 2 January 2025 because it had not published its
financial statements for the year ended 30 June 2024 within six
months of the year-end, as required by the AIM Rules; and on 21
January 2025 Tribe published a notice of a meeting of shareholders
to approve the proposed delisting. This meeting is to be held on 12
February.
Community Social Investment Limited ("CSIL")
Vela's ability to realise its
interest in CSIL is dependent upon the sale or listing of WeShop
Holdings Limited ("WeShop"). On 24 December 2024, WeCap plc,
WeShop's parent company, announced that WeShop had submitted a
draft Registration Statement to the SEC relating to the proposed
direct listing of its ordinary shares. This announcement made a
specific reference to the presumed intention of CSIL to distribute
in specie its only asset,
being shares in WeShop. The announcement did not suggest a
timetable to listing.
Aeristech Limited ("Aeristech")
There has been no news from
Aeristech since it reported to shareholders in October 2024 that it
had satisfied conditions set by a prospective major funder and/or
buyer to allow it to conduct due diligence on the company. The
filing of Aeristech's financial statements for the year ended 31
March 2024 is overdue, as is the filing of its annual confirmation
statement.
Igraine PLC ("Igraine")
On 13 December Igraine announced
that it had made a maiden investment in battery storage business,
GEM Energia Limited, following the signing of the exclusive
investment agreement that it announced on 21 October 2024. This and
subsequent investments in accordance with this agreement are being
financed through a convertible loan note drawdown arrangement with
Vela. A further £50,000 drawdown on this arrangement has been made
since the end of the quarter.
Other
activities
·
On 18 December 2024 Vela published its interim
report for the half year ended 30 September 2024. This report
reflected the results outlined in the quarterly updates published
in August and November 2024.
·
Since the publication of the last quarterly update
on 28 November 2024, the Board of Vela has spoken to or met with
representatives of the following investee companies:
o Aeristech
Limited
o Finseta
plc
o Igraine
PLC
o Hamak Gold
Limited
·
Under the terms of the investment in the
convertible loan note ("CLN") in Hamak, Hamak undertook to redeem
£75,000 of the CLN at a minimum rate of £10,000 per month from 31
July 2024 onwards. Vela has made a number of announcements since
then explaining that it had yet to receive any such payments. Vela
is hopeful that it will be in a position shortly to conclude
discussions with the Hamak board concerning
a mutually beneficial longer-term solution.
For further information,
please contact:
|
Vela Technologies plc
Brent Fitzpatrick, Non-Executive
Chairman
James Normand, Executive
Director
|
Tel: +44 (0) 7950 389469
|
|
Allenby Capital Limited (Nominated Adviser)
|
Tel: +44 (0) 20 3328 5656
|
|
Nick Athanas / Piers
Shimwell
|
|
|
Peterhouse Capital Limited (Broker)
|
Tel: +44 (0) 20 7469 0930
|
|
|
|
|
Novus Communications (PR and IR Adviser)
|
Tel: +44 (0) 20 7448 9839
|
|
Alan Green / Jacqueline
Briscoe
|
|
About Vela Technologies
Vela Technologies plc (AIM: VELA) is
an investing company focused on early stage and pre-IPO long term
disruptive technology investments. Vela's investee companies have
either developed ways of utilising technology or are developing
technology with a view to disrupting the businesses or sector in
which they operate. Vela Technologies will also invest in
already-listed companies where valuations offer additional
opportunities.